Speculators are driving the prices higher, banking on the return of a robust world economy. The details are complex but the essential driving component is classic. There is an opportunity to make lots of cash.
It certainly has the appearance of a bubble in bloom.
McClatchy: What's driving up oil prices again? Wall Street, of course
Oil consumption has fallen, demand from U.S. motorists for gasoline is flat at best and refiners that turn crude into fuel are operating well below capacity. Yet oil prices keep marching toward $90 a barrel, pushing gasoline toward $3 a gallon...
...flows of speculative money into oil markets. These bets are fueled by investor expectations that the U.S. and global...
...as of mid-March, U.S. refiners were operating at 81.1 percent capacity...
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